Eaglewood Energy Inc.: PNG Government Approval of Stanley Gas Condensate Development Project

Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") is pleased to announce
that Horizon Oil ("Horizon"), as Operator of Petroleum Retention Licence 4 ("PRL
4") has received notification from the Hon. Nixon P. Duban, the Petroleum
Minister of Papua New Guinea, of the decision of the PNG National Executive
Council ("NEC") to approve the Stanley gas condensate development project
("Stanley Project"), in Western Province. Horizon has further advised that the
PRL 4 licencees (wholly owned subsidiaries of Horizon, Talisman Energy,
Mitsubishi Corporation and Osaka Gas) have been offered and have accepted a
petroleum development licence (PDL 10) and pipeline licence (PL 10) in respect
of the Stanley Project. Horizon expects that the Minister will grant the PRL 4
licencees Stanley PDL 10 and PL 10 within two weeks of the execution of the
Stanley Gas Agreement, expected to occur at a formal ceremony on 17 April 2014.


As previously announced, PDL 10 will be varied to include the part of the
Stanley accumulation that is in block 1622 of PPL 259, which Eaglewood operates
and has a 45% participating interest. A unitization agreement has previously
been signed between the PRL 4 and PPL 259 joint ventures and the determination
of the participating interests in Stanley of each of the parties is underway,
with a final determination of those interests expected prior to the end of Q2,
2014.


Eaglewood's CEO Brad Hurtubise commented: "Although it has taken longer than we
initially expected, we are pleased that PDL 10 and PL 10 has been offered and
accepted and we can get on with finalising Eaglewood's participation in the
Stanley Project, which is expected to begin producing condensate and cash flow
in late 2015. Our participation in the project will give us a share of proven
and probable reserves in PDL 10 to complement our share of the contingent
resource in PRL 28. With our share of the gas production, we will be working
hard to complete a domestic gas sales agreement, which will support the funding
we will require to pay our portion of the costs already incurred on the Stanley
Project and fund our costs going forward as the project develops. We anticipate
the initial sunk cost payment to be required in late Q3, 2014."


Eaglewood is a junior Canadian oil and gas exploration company that trades on
the TSX Venture Exchange under the symbol "EWD".


Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation. These forward-looking statements are made as of
the date of this document and Eaglewood does not intend, and does not assume any
obligation, to update these forward-looking statements, other than as required
under Canadian securities legislation.


Forward-looking statements relate to future events or future performance and
reflect management of Eaglewood's expectations or beliefs regarding future
events. In certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Eaglewood to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
risks related to changes in project parameters as plans continue to be refined;
future prices of oil and gas; accidents, labour disputes and other risks of the
gas and gas condensate industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction activities; as
well as those factors detailed from time to time in Eaglewood's interim and
annual financial statements and management's discussion and analysis of those
statements, all of which are filed and available for review on SEDAR at
www.sedar.com. In particular, this press release contains forward-looking
statements including, but are not limited to, statements with respect to
estimated costs, production, reserve estimates and cash flow related to the
Stanley Project. Although Eaglewood has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements.


Accordingly, readers should not place undue reliance on forward looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eaglewood Energy Inc.
Brad Hurtubise
President and CEO
[phone]
[e-mail]


Eaglewood Energy Inc.
Ross Jones
CFO
[phone]
[e-mail]